OLED manufacturer Joled is bankrupt
Joled, the manufacturer of the world’s first OLED panels for PC monitors, is bankrupt. Although civil reorganization proceedings have been initiated, the company’s two production sites have been closed. This leaves only two OLED manufacturers in the market.
First OLED manufacturer for PC monitors
Joled has paved the way for OLED panels in the PC market. The organic light-emitting diodes have been used in cell phones since the early 2000s and in televisions since 2007; however, they only found their way into PC monitors in the past decade. In 2015, the Joled company was formed by Innovation Network Corporation of Japan, Japan Display, Sony and Panasonic. Over time, other companies, such as automotive supplier Denso, joined Joled.
In 2018, the first PC screen with an OLED display was launched. A model from Joled was used in the 21.6-inch ProArt PQ22UC from Asus. In the following years, larger PC monitors with OLED panels from Joled also followed. Joled relied on classic RGB and thus distinguished itself from LG and Samsung, which develop OLED panels with alternative subpixel layouts.
Despite being at the forefront of the aforementioned field, Joled has failed to build a profitable business. In a press release, the company elaborates, “Unfortunately, achieving stable production has been more costly and time-consuming than expected. Furthermore, in addition to the effects of the semiconductor shortage, weakening demand for high-value, high-performance displays and a fierce price war have led us to find ourselves in deteriorating circumstances. Profits remain weak and cash outflow continues.”
Debt in millions
According to the Nikkei news agency, all this has led to the accumulation of millions of dollars in debt. The news agency speaks of an arrears of 33.7 billion Japanese yen. That corresponds to about 238 million euros. The patents and the development department with around 100 employees will be taken over by Japan Display, which previously held a 15 percent stake in the company. The two Joled production sites, on the other hand, will be closed. Here 280 employees were employed, who will be dismissed. Although Joled states in the press release that it intends to resume production after the restructuring process, it remains to be seen whether this will be feasible.
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